Such loss – after providing for income tax and non-controlling interest – amounted to just under US$9.94 million, compared to US$3.52 million in the prior-year period.

Shortly before Monday’s results filing, Silver Heritage had said it was that day suspending trading of its shares on the Australian Securities Exchange, and indicated trading would only begin again on Wednesday this week at the earliest.

It stated in commentary contained in the results filing that the firm was “currently working on a capital raising, the details of which are still being finalised”.

Silver Heritage added, referring to its bondholder, OCP Asia: “Once the capital raising is completed, the debt amortisation and redemption premium payments to OCP at the end of the year will not be at risk of default. The additional funds will be for working capital requirement whilst Tiger Palace Resort is still in the ramping up phase.”

The filing said that as at June 30, the total fair value of bonds issued was just over US$16.9 million, with an annual interest rate of 8 percent – payable semi-annually in arrears. They are redeemable by the bondholders at “any time prior to the date of maturity at a redemption price that will entitle the bondholders to an internal rate of return equal to 15 percent per annum on the original principal amount of the bonds,” added the results filing.

A specific factor in the widening loss was “additional interest expense no longer [being] capitalised following the completion of construction of Tiger Palace Resort,” stated Monday’s filing to the bourse.

The first-half loss included a US$1.18-million impairment on unused electronic gaming machine software licences supplied by Inspired Gaming Group Ltd and Betstone Ltd, as a result of Silver Heritage exiting from a machine leasing business in Laos.

The group’s half-year revenue nonetheless increased by 40.2 percent to just under US$11.28 million, compared to US$8.04 million in the prior-year period, “mainly due” to the 2018 contribution of Tiger Palace.

The firm said it moved from a first-half loss in terms of adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA), to a “positive” in that measure in July and August, i.e., outside the reporting period.

Tiger Palace’s share of group first-half revenue was just short of US$2.80 million, on property EBITDA that was negative by almost the same amount.

There had been “incremental” revenue growth at the Phoenix International Club run by the group in Bac Ninh, Vietnam,” added the filing. The firm also runs the Millionaire’s Club and Casino in Kathmandu, Nepal’s capital.

Phoenix International’s first-half 2018 revenue and EBITDA respectively amounted to just under US$5.93 million and US$2.44 million.

Millionaire’s Club and Casino’s first-half 2018 revenue and EBITDA respectively were just under US$2.38 million and US$42,000.

In the reporting period Silver Heritage made a US$403,000 provision for “doubtful” receivables relating to its two former local partners in Tiger Palace, Rajendra Bajgain and Nabaraj Bajgain. That related to “unpaid share capital in the local Nepal entity” set up in relation to Tiger Palace Resort, and “advances” made to the two former partners, said the firm.

“Whilst some payments were received, the remaining amounts have aged and are deemed doubtful,” stated Monday’s filing.

Last week Silver Heritage stated it had completed a deal to acquire land for a second purpose-built Nepal resort that it plans to create.